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What is Payroll Accounting?

Posted by Megan Valenzuela Posted on May 09 2017

 

Payroll accounting applies to any business owner and involves recordkeeping of employees' compensation information, which includes:

Salaries, gross wages, commissions, bonuses, and any income earned by employees

Withholding of any payroll taxes, which include federal income taxes, Social Security, Medicare, and state income taxes, if applicable

Withholding for the employees' portion of health insurance premiums, contributions to savings plans, garnishments, etc.

Employer's expense for Social Security, Medicare, state and federal unemployment taxes

Employer's portion of benefits offered to employees.  Such as health, vision, and dental insurance, paid holidays, pension and savings plan contributions, vacation and sick days, workers’ compensation insurance, etc.

If you have any questions on payroll accounting or would like assistance, please give our office a call at 573-686-3053.

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